NAEA: Hips and property tax review needed

A review of the home information pack (Hip) system is required in order to boost the property market, according to the National Association of Estate Agents (NAEA).

Looking into this area of the sector, as well as other existing legislation such as the stamp duty property tax, would apparently be beneficial.

The NAEA sees this as one way the government can act positively on the back of reported good news about increasing property prices and higher confidence in the industry.

Both the aforementioned areas "dampen activity across the market, particularly for first-time buyers", the professional body for estate agents noted.

This call to government comes after Nationwide Building Society research found that house prices rose 1.2 per cent in May, and following the NAEA's own recent property market assessment, which showed that the average agent in the UK sold ten properties in April - two more than March.